May 14, 2012

KiOR Reports First Quarter 2012 Results

KiOR's Columbus Biorefinery Mechanically Complete Early and on Budget

KiOR on Schedule to Be First Us Commercial Cellulosic Diesel/Gas Producer in 2012

PASADENA, Texas--(BUSINESS WIRE)-- KiOR, Inc. (NASDAQ: KiOR), a next-generation renewable fuels company, today announced its financial results for the first quarter ended March 31, 2012.

"I am pleased to announce that our first commercial facility is 100% mechanically complete, on budget and significantly ahead of schedule," said Fred Cannon, KiOR's President and Chief Executive Officer. "We are now well into the commissioning phase in preparation for commencing production of cellulosic gasoline and diesel in the months to come."

Financial Results

First quarter 2012 net loss was $16.8 million, or $0.16 per share, compared to a net loss of $14.9 million, or $0.15 per share, for the fourth quarter of 2011. Net loss for the first quarter of 2011 totaled $13.4 million, or $0.16 per share.

KiOR did not recognize revenue during the first quarter of 2012; its activities remained focused on construction of its first commercial facility in Columbus, Mississippi, research and development designed to improve production yields, and obtaining necessary financing for its expansion plan.

Research and development (R&D) expenses for the first quarter of 2012 totaled $7.9 million, a $0.6 million decrease from the $8.5 million recorded in the fourth quarter of 2011 primarily as a result of lower maintenance expenses incurred in its demonstration facility. First quarter 2012 R&D expenses increased $0.6 million from first quarter 2011 mainly due to continuous R&D expansion.

General and administrative (G&A) expenses for the first quarter of 2012 were $8.0 million, an increase of $2.2 million from the fourth quarter of 2011, primarily due to a full quarter of Columbus labor force salary, training and related pre-start-up expenses, and $0.8 million higher non-cash stock-based compensation. Year-over-year expenses increased $3.8 million from the first quarter of 2011, mainly driven by higher Columbus related expenses, $1.3 million higher non-cash stock-based compensation expense, and increased headcount and compliance-related expenses associated with being a public company.

Depreciation and amortization expenses for the first quarter of 2012 were $0.7 million, $0.1 million higher than depreciation and amortization expenses recorded in the fourth quarter of 2011 and $0.2 million higher than the first quarter of 2011.

Capital investment during the first quarter was $34.7 million, substantially all of which was related to KiOR's initial-scale commercial production facility in Columbus, Mississippi.

KiOR had cash and cash equivalents of $152.2 million at March 31, 2012, which represents a $20.6 million increase over the December 31, 2011 balance. This increase was primarily driven by funding from the $75 million 4-year-term loan announced early this year, partially offset by capital expenditures, operating uses of cash, and paying off previous business loans. Net long-term debt stood at $110.8 million as of quarter-end.

Conference Call Information

The Company will discuss these results on a conference call scheduled for today at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). Participants may join the call by dialing (877) 468-8808 (for U.S. and Canada), or (832) 412-2302 (International). The conference code for all participants is 77555521. To listen via live webcast, please visit the investor relations section of the Company's website: http://investor.kior.com/events.cfm. An audio replay of the conference call will be available approximately two hours after the conclusion of the call and remain available until Thursday, May 21, 2012 at 11:59 p.m. Eastern Time and can be accessed by dialing (855) 859-2056 (for U.S. and Canada) or (404) 537-3406 (International). The conference call replay access code is 77555521 for all participants. A replay of the webcast will also be available in the investor relations section of the Company's website approximately two hours after the conclusion of the call and remain available for approximately 90 calendar days.

About KiOR

KiOR is a development stage, next-generation renewable fuels company that has developed a unique two-step proprietary technology platform to convert abundant and sustainable non-food biomass into cellulosic gasoline, diesel and fuel oil. KiOR's cellulosic fuels may be transported using existing distribution networks and are suitable for use in vehicles on the road today. KiOR strives to help ease dependence on foreign oil, reduce lifecycle greenhouse gas emissions and create high-quality jobs and economic benefit across rural communities.

KiOR's shares are traded on NASDAQ under the symbol "KiOR." For more information, please visit www.KiOR.com.

Forward-Looking Statements

This release contains "forward looking" statements regarding future results and events, including, without limitation, statements about: our potential to be the first U.S. commercial cellulosic diesel/gas producer in 2012, the timing and success of our commissioning phase; the timing of our commencement of production of cellulosic gasoline and diesel, the construction of and commercialization at our biomass-to-fuel facility in Columbus, Mississippi, potential future sales of our fuels products, and our anticipated future operations. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," intends," "appears," "estimates," "projects," "would," "could," "should," "targets," and similar expressions are also intended to identify forward looking statements. The forward looking statements in this press release involve a number of important risks and uncertainties. The Company's actual future results may differ significantly from the results discussed in the forward looking statements contained in this press release. Such factors and others are discussed more fully in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2011 as filed with the United States Securities and Exchange Commission, and in the Company's other filings with the Securities and Exchange Commission. The "Risk Factors" discussion in the Company's Annual Report on Form 10-K for the year ended December 31, 2011 is incorporated by reference in this press release. If any of these risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results, levels of activity, performance or achievement may vary significantly from what we have projected. The Company specifically disclaims any obligation to update these forward looking statements in the future. These forward-looking statements should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this press release.

 

KiOR, Inc.

Condensed Consolidated Statement of Operations
(Unaudited)
(In thousands, except share and per share amounts)
 
  Three Months Ended
March 31,
  2012   2011
 
Operating expenses:
Research and development expenses $ (7,851) $ (7,271)
General and administrative expenses (8,016) (4,189)
Depreciation and amortization expenses   (683)   (523)
 
Loss from operations (16,550) (11,983)
Other income (expense), net:
Interest income 2
Interest expense, net of amounts capitalized (274)
Loss from change in fair value of warrant liability     (1,410)
 
 
Other expense, net   (272)   (1,410)
 
Loss before income taxes (16,822) (13,393)
 
Income tax expense - current    
 
Net loss $ (16,822) $ (13,393)
Net loss per share of Class A common stock, basic and diluted $ (0.16) $ -
Net loss per share of Class B common stock, basic and diluted $ (0.16) $ (0.16)
Weighted-average Class A and B common shares outstanding, basic and diluted   103,139   16,330
 
KiOR, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
 
  March 31,   December 31,
  2012 2011
 
Assets
Current assets:
Cash and cash equivalents $ 152,226 $ 131,637
Prepaid expenses and other current assets   1,022   1,000
Total current assets 153,248 132,637
Property, plant and equipment, net 207,186 169,923
Intangible assets, net 2,185 2,233
Other assets   1,672   471
Total assets $ 364,291 $ 305,264
 
Liabilities, Convertible Preferred Stock and Stockholders' Equity (Deficit)
Current liabilities:
Current portion of long-term debt, net of discount $ 3,438 $ 5,506
Accounts payable 8,038 6,496
Accrued capital expenditures 11,698 14,571
Accrued liabilities   5,212   2,648
Total current liabilities 28,386 29,221
Long-term debt, less current portion, net of discount   110,798   47,304
Total liabilities   139,184   76,525
Total stockholders' equity (deficit)   225,107   228,739
Total liabilities, convertible preferred stock and stockholders' equity (deficit) $ 364,291 $ 305,264

KiOR, Inc.
Max Kricorian, 281-694-8811
Director of Finance
Investor.relations@kior.com

Source: KiOR, Inc.

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